South Korea's national crypto tax crackdown has reached the city of Pohang, sending shivers down the spines of 5,208 residents. These individuals have unwittingly landed on the city's "2024 Local Tax Arrears Collection Comprehensive Plan" list, failing to settle local tax bills exceeding a threshold of $370.

As part of this initiative, the Nam Gu (Southern District) Office is wielding a powerful weapon: crypto asset seizure. Tax officials have been diligently combing through data provided by the four biggest domestic crypto exchanges – Bithumb, Upbit, Korbit, and Coinone. South Korea's "real-name" policy, which mandates linking crypto wallets to verified bank accounts, plays a crucial role here.

This data transparency has laid bare the crypto holdings of these tax-delinquent residents. The city's response? A firm stance. Nam Gu officials have declared their intention to "actively collect delinquent taxes" by "seizing" these individuals' crypto assets. Should ownership verification confirm the crypto belongs to "tax evaders," the city will take swift action. Transaction activities like sales or withdrawals will be "immediately seized" and "frozen."

But the story doesn't end there. Pohang isn't messing around. Delinquent taxpayers will face a stark ultimatum. Those who continue to refuse to "voluntarily" settle their tax bills "even after seizure" will witness a chilling consequence: their "virtual assets" will be "sold on the exchange market."

This move underscores the city's commitment to collecting outstanding taxes. Won Ki-ho, the head of the tax department at the Nam Gu Office, made their intentions crystal clear: "We will do our utmost to raise awareness of delinquent taxpayers. We will do so by seizing and selling virtual assets. And we will also introduce customized collection techniques suitable for the digital age."

This isn't an isolated incident. Other South Korean cities like Hwaseong and Incheon have already taken similar actions, seizing crypto assets worth hundreds of thousands of dollars from tax dodgers. Pohang's aggressive approach serves as a stark warning to residents across the country: settle your tax dues, or risk losing your crypto holdings.